Advantages of air suspension: intelligent + lightweight, improving driving comfort, handling and safety. The traditional automobile suspension system is composed of elastic elements, shock absorbers, guiding mechanisms and other components, which is responsible for connecting the automobile body, chassis and wheels, transmitting their interactive force and torque, and mitigating the impact from the road. Compared with the traditional suspension, the biggest difference in the structure of air suspension lies in the upgrading of elastic components, and the addition of electronic control system, air pump and other components, which endows the suspension with intelligent active adjustment function. It has the advantages of stable handling, adjustable height, lighter weight and good damping effect, which has attracted the continuous attention of consumers.
Driven by passenger car consumption upgrading + commercial vehicle regulations, the air suspension penetration rate is expected to increase rapidly. Air suspension has a high penetration rate in the mature automobile market in Europe and America, especially in the field of commercial vehicles. The penetration rate of high-grade large buses has reached 100%, and more than 80% on medium and heavy trucks and trailers. In China, with the rapid development of intelligent electric vehicle market, driven by consumption upgrading, high-end breakthrough of independent brands and cost reduction of parts localization, the air suspension is infiltrating from luxury cars of more than 600000 yuan to the optional and even standard products of new forces of car making in the range of 300000 yuan; In the field of superimposed commercial vehicles, laws and regulations require specific trucks and semi trailers to be forcibly equipped with air suspension to jointly drive the rapid improvement of air suspension penetration. We predict that in 2025, China's passenger car and commercial vehicle air suspension market space will reach 28.8 billion yuan and 5.94 billion yuan, with compound growth rates of 61.1% and 12.7% respectively.
The growth of local parts suppliers is accelerated, and the domestic replacement of air suspension is in progress. The technical barriers to the core components of air suspension are relatively high. In the past, the main engine factory mainly purchased mature products from foreign suppliers such as mainland China, weibak and AMK. In consideration of cost reduction and software and hardware decoupling, Chinese car companies may gradually tend to develop their own air suspension control units and algorithms (eventually integrated into the chassis domain controller), disassemble the hardware components into air supply units, air springs, sensors and other components, purchase them separately, and finally integrate them led by the main engine manufacturer, which brings opportunities for single point breakthroughs for Chinese parts suppliers, such as Shanghai Baolong Automotive Corporation(603197) , Anhui Zhongding Sealing Parts Co.Ltd(000887) , Tianrun Industry Technology Co.Ltd(002283) Kong Hui automobile has gradually realized mass production and supporting of air suspension related components; In the future, with the continuous maturity of technology and products, it is expected to accelerate domestic substitution by virtue of rapid response and local supporting advantages.
Investment suggestion: compared with traditional suspension, air suspension has outstanding advantages in comfort, handling and safety. Independent breakthrough in passenger car consumption upgrading (intelligent electric catalysis) and driven by commercial vehicle regulations, the penetration rate of air suspension at both ends of Chinese commercial passenger cars is expected to increase synchronously and rapidly, and the industry has broad growth space. At the same time, under the pressure of cost reduction and the trend of software and hardware decoupling of main engine manufacturers, we are optimistic that local suppliers will achieve breakthroughs in products and customers in some components of air suspension, and accelerate the realization of domestic replacement from point to area Generation. Key recommended areas of air suspension:
(1) Master the core technology of air supply unit and steadily promote the localization of [ Anhui Zhongding Sealing Parts Co.Ltd(000887) ];
(2) Layout air spring, electric shock absorber, air tank, etc., and have obtained [ Shanghai Baolong Automotive Corporation(603197) ] with fixed point of air spring and accelerated landing of products;
(3) Commercial vehicle air suspension has been mass produced, and it is expected to cut into [ Tianrun Industry Technology Co.Ltd(002283) ] in the field of passenger vehicles in the future.
(4) With the extension of advantageous products, air suspension is expected to be gradually mass produced [ Ningbo Tuopu Group Co.Ltd(601689) ].
Risk tip: the penetration rate of air suspension is lower than expected, the profit growth of enterprises is lower than expected due to fierce industry competition, and the recall risk of main engine factory due to immature technology.
